Russia wants to use its growing cooperation with China to boost trade by 15%. President Putin told the APEC Summit in Bali that Russia is poised to increase trade from the current record $87.5bn to at least $100bn.

“Today we have cooperation agreements in various fields,
including projects in high-tech and aviation… We also have a lot
of infrastructure projects, I mean in railway and highway
construction… Our trade turnover stands at record $87.5bn and our
target is to increase it to $100bn,” Putin said at the
Asia-Pacific Economic Cooperation (APEC) meeting in Bali on
Monday.

“We also have very good perspectives of joint space
exploration, we have certain projects, and really hope we’ll
advance with them,” Putin added.

Energy cooperation between Russia and China remains the strongest
point of contact, with China’s state-owned gas major PetroChina
reported to be looking at a $10 billion investment in Russian gas fields. Another milestone
project that also include Brazil, India and South Africa is a
$100 billion BRICS development bank, aimed at financing joint
development ventures, and to become a to rival the dominance of
the World Bank and the IMF.

The 21 – nations APEC club covers territories form tiny Brunei to
the US and China, and accounts for more than 3 billion people and
over a half of global GDP. The annual APEC meeting provides
regional leaders with the floor to agree on the measures to
encourage trade and business cooperation. This year’s meeting is
also a boon for the host Bali, that has struggled to recover its
tourism industry from the effects of terrorist attacks in 2002
and 2005 that killed over 200 people.